Singapore's domestic supply price index drops 7.1% in September

In September 2024, Singapore's Domestic Supply Price Index fell 7.1% year-on-year, following a revised 3.4% decrease in the previous month.

Singapore's domestic supply price index drops 7.1% in September

This marked the second consecutive monthly decline in domestic supply prices and represented the most significant drop since August 2023. Notable declines were observed in various categories: mineral fuels decreased by 18.3% (compared to an 8.1% drop in August), chemical and chemical products fell by 6.9% (down from 2.7%), machinery and transport equipment saw a decline of 1.9% (versus 1.0%), beverages and tobacco dropped by 3.4% (from 4.1%), and animal and vegetable oils, fats, and waxes decreased by 14.3% (compared to 15.1%). Other declines included manufactured goods, which fell by 3.1% (from 2.4%), and miscellaneous manufactured articles, down 6.8% (from 6.0%).

Food and crude material costs decline in September as domestic supply price index falls 1.9%

Furthermore, costs for food and live animals eased to 1.9% (from 2.1%), and crude materials decreased to 0.7% (down from 2.4%). On a month-to-month basis, the Domestic Supply Price Index declined by 1.9% in September, following a revised 3.3% drop in the prior month.